Since the summer of 2006 the real estate market has presented itself with tumultuous upswings and downswings, and we can only anticipate a light at the end of the tunnel.
So here we are…
The latest forecasts predict the housing market to slowly return back to normal. In a recent article on CNNMoney.com, home prices are predicted to increase by an average of 3.3% annually over the next five years, ending in September 2017. According to David Stiff, Fiserv's chief economist, 2012 became the catalyst in driving our economy back to a sense of normalcy. "Between September 2011 and September 2012, average U.S. home prices rose 3.6%. By then, 62% of the 384 metro areas Fiserv tracks reported rising home prices, up from just 12.5% of all markets during the same period a year earlier."
Even those markets that were hit the hardest have witnessed price gains over the past 12 months, and should anticipate a growing improvement over the next few years.